Posts From CZ, Musk Reflect Crypto Uncertainty

Binance CEO Changpeng Zhao (CZ) reacted to news of Silicon Valley Bank collapsing and the concurrent depegging of USDC stablecoin with Twitter posts about Binance’s potential move into banking and the “instability” of stablecoins.

Meanwhile, crypto-friendly billionaire Elon Musk tweeted a meme about the fiat dilemma that cryptocurrency holders face. The ambivalent sentiments expressed by two of the most high-profile figures in crypto reflect the fundamental uncertainty prevailing in the sector right now.

CZ reposted a news report from November 2022 where he said that Binance is looking at acquiring traditional banks in order to become a bridge between crypto and TradFi.

After the recent collapse of SVB and Silvergate Bank, CZ added the comment, “Is it time yet? Not sure. 🤷‍♂️”

And while hedging risk among multiple stablecoins may have seemed like an overly conservative approach at one point – following the crises and volatility of TerraUSD, BUSD and now USDC and DAI – CZ promoted a tweet from Binance announcing the launch of spot trading pairs involving six separate stablecoins and BNB coin, saying “Supporting multiple stablecoins, always. More to come.”

If CZ’s thoughts on the matter weren’t clear enough, he retweeted a definitive tweet from October 2022: “Nothing is stable.”

Meanwhile, Musk chose to respond to the situation visually, with a meme showing the dilemma crypto holders face as traditional banks and blockchain projects both appear susceptible to failures:

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